CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

9 Months Ended

Sep. 30, 2023

CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION [Abstract]

CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

NOTE 7. - CLASS A ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION

The Company’s Class A ordinary shares contain certain redemption rights that are considered to be outside of the Company’s control and subject to the occurrence of future events. The Company is authorized to issue 500,000,000 Class A ordinary shares with a par value of $0.0001 per share. Holders of the Company’s Class A ordinary shares are entitled to one vote for each share. As of September 30, 2023 and December 31, 2022, there were 1,584,049 and 27,600,000 Class A ordinary shares outstanding that were subject to possible redemption, respectively.

The Class A ordinary shares subject to possible redemption are reflected in the following table:

Gross proceeds	$	276,000,000
Less:
Proceeds allocated to Public Warrants and Rights		(7,624,500	)
Class A ordinary shares issuance costs		(15,877,541	)
Plus:
Adjust carrying value to initial redemption value		26,761,562
Class A ordinary shares subject to possible redemption, December 31, 2022		279,259,521
Plus:
Remeasurement on Class A ordinary shares subject to possible redemption		3,072,101
Class A ordinary shares subject to possible redemption, March 31, 2023		282,331,622
Less:
Redemptions		(267,753,501	)
Plus:
Remeasurement on Class A ordinary shares subject to possible redemption		1,901,202
Class A ordinary shares subject to possible redemption, June 30, 2023		16,479,323
Plus:
Remeasurement on Class A ordinary shares subject to possible redemption		215,976
Class A ordinary shares subject to possible redemption, September 30, 2023	$	16,695,299